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Tuesday, 14th October 2008
In Business In Japan,

Record close for Nikkei

Japan's Nikkei soared a record 14 per cent by the close of trading on the Tokyo Stock Exchange.

The nation's financial system had reopened after a three-day weekend and quickly followed Asian markets in surging upwards, the Telegraph reports.

Only last week, Japan was experiencing the most depleting losses for over a decade, culminating in a 9.6 drop on Friday.

However, international efforts to fund banks and bring them out of the current global crisis helped bring the Nikkei back up, according to Kazuhiro Takahashi, general manager at Daiwa Securities SMBC.

"Investors were relieved by government moves to rescue the global financial system," he said.

Such efforts include a £37 billion investment by the British government in its financial sector and a pan-European effort to thaw out the continent's banks.

However, Mr Takahashi was quoted by the Australian newspaper as saying that the situation could yet worsen, should concerns over the global economy continue in markets.

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